Indian startup investor Chiratae Ventures raises $150 million in second close of Fund V

Chiratae Ventures, a homegrown technology-focused venture capital firm and an early backer of Flipkart, has announced the second close of its fifth fund at $150 million. The firm expects to reach the final close of the fund in the first quarter of 2026.

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The new fund, with a target corpus of $350 million and a hard cap of $500 million, is structured as Chiratae Ventures Master Fund V under its Category II AIF Chiratae Ventures Trust V.

The round has drawn commitments from domestic and international limited partners, institutional investors, family offices, and repeat backers from earlier Chiratae funds.

Managing Directors Venkatesh Peddi and Ranjith Menon are leading Fund V, which will back early-stage startups across seed, Series A, and Series B stages. The firm has outlined AI, deeptech, healthtech, climatetech, spacetech, and consumer technology as its core focus areas, while also moving into newer verticals such as defence technology and quantum computing.

Chiratae has already begun deploying capital. Investments from Fund V include proptech startup HouseEazy, AI SaaS venture Pepsales, wealthtech player Mili, and quick commerce company Zilo, with commitments to six more startups in the pipeline.

Founded in 2006 by Sudhir Sethi and T.C. Meenakshisundaram, Chiratae Ventures manages assets worth $1.3 billion across seven funds, with a portfolio of more than 130 companies, over 50 exits, and investments in eight unicorns and four IPO-bound ventures. Its notable portfolio includes Flipkart, FirstCry, Lenskart, Policybazaar parent PB Fintech, Cult.fit, and Myntra.